Real Estate Lawyer in Mississauga: 5 Things to Check Before Closing
Closing on a property involves more than signing paperwork and collecting the keys. Before ownership transfers, buyers should review their agreement, check the property’s title, understand title insurance, prepare closing funds, and confirm that required documents are ready.
A real estate lawyer in Mississauga can help you navigate these legal steps, identify potential concerns, and prepare for closing.
Here are five important things to check before your closing date.
1. Review Your Agreement of Purchase and Sale
Your Agreement of Purchase and Sale in Ontario sets out the terms of your property transaction. Before closing, make sure you understand:
- The closing date and contractual deadlines.
- The status of financing or other conditions.
- What fixtures, appliances, or other items are included.
- Any special clauses or amendments.
Your lawyer can explain the legal implications and flag terms that need attention. Reviewing the agreement early gives you time to address concerns before closing.
2. Complete a Property Title Search in Ontario
A property title search in Ontario examines land registry records to identify the registered owner and interests affecting the property.
A search may reveal mortgages, easements, rights of way, or other registered charges. Some may be expected; others may require further review.
For example, an existing mortgage may need to be discharged as part of the sale. Your lawyer reviews the title and determines whether any issues must be addressed before ownership transfers.
A title search is an important part of due diligence, but it does not identify every physical, zoning, or building-related concern.
3. Understand What Title Insurance Covers
If you’re asking, “What does title insurance cover in Ontario?”, the answer depends on the policy, its terms, and exclusions.
Title insurance may protect against certain covered losses involving title or ownership, such as specified title defects or certain fraud-related risks. It does not cover every property problem or replace legal advice. Ask your lawyer about:
- Which risks the policy covers?
- What exclusions or limits apply?
- Whether known property concerns need separate attention?
Title insurance is not mandatory in Ontario, though a lender may have insurance requirements. Your lawyer can explain whether a policy is suitable for your transaction.
4. Prepare Your Closing Funds
A closing can be delayed if the required funds or mortgage arrangements aren’t ready. Ask your lawyer for an estimate of the amount you’ll need to provide. Depending on the transaction, costs may include:
- The remaining purchase price.
- Ontario land transfer tax and, where applicable, Toronto’s municipal tax.
- Legal fees and disbursements.
- Title insurance, if applicable.
- Adjustments such as prepaid property taxes or condominium fees.
If you’re using a mortgage, confirm that your lender’s instructions and funding arrangements are progressing. The final amount will depend on your property and agreement.
5. Confirm Documents and Closing Requirements
Before closing, check that the necessary documents, signatures, payments, and transaction details are ready. Ask your lawyer to confirm:
- What identification and documents do you need to provide?
- Whether any lender or transaction requirements remain outstanding.
- The statement of adjustments and final amount due.
- The agreed closing date and possession arrangements.
Raise questions promptly rather than leaving them until the final day. Your lawyer coordinates the legal steps required to complete the transaction.
Why Work With a Real Estate Lawyer in Mississauga?
A property transaction requires legal review, title-related due diligence, documentation, financial coordination, and registration of the transfer.
Natlus Law’s real estate practice assists with residential and commercial purchases, sales, refinancing, mortgage closings, and title transfers. A Mississauga real estate lawyer can help you understand your obligations and navigate the legal process for your transaction.
Frequently Asked Questions
1. When should I hire a real estate lawyer in Mississauga?
Contact a lawyer as soon as your offer is accepted, or earlier if you need advice before signing. Early involvement allows time to review the agreement, conduct title-related searches, and coordinate closing requirements.
2. What does a real estate lawyer do before closing in Ontario?
A lawyer reviews the purchase agreement, examines title, coordinates mortgage documents, prepares closing paperwork, calculates adjustments, and arranges the legal transfer of ownership.
3. Is title insurance mandatory in Ontario?
Title insurance is not mandatory, but it may be appropriate for your transaction. Discuss the policy’s coverage and exclusions with your lawyer.
4. What costs should I budget for before closing?
You may need to budget for the remaining purchase funds, land transfer tax, legal fees, disbursements, title insurance, and closing adjustments. Ask your lawyer for a transaction-specific estimate.
5. Can a title search identify every property issue?
A title search reviews registered land records, but may not reveal physical, zoning, building, or other concerns. Additional due diligence may be appropriate.
Closing on a Property in Mississauga?
Before closing, review your agreement, understand the title search and insurance, prepare your funds, and confirm that documents are ready.
For legal guidance on a purchase, sale, or refinance, contact Natlus Law.
